In every real estate brokerage, especially in eXp Realty, there are as many challenges as there are opportunities. So, it’s no surprise that agents are leaving eXp Realty in 2024.
As an integral member of eXp since 2019, my journey has been both enlightening and complex. I’m proud to have been one of the fastest agents EVER to sponsor more than 100 agents personally, a milestone that reflects not just personal achievement but also a deep understanding of the industry’s intricacies.
My experience extends to one-on-one personal conversations with more than 1,200 agents considering joining eXp Realty and our Agent First Group (AFG), offering me a broad and nuanced perspective.
Leading the AFG community within eXp, I’ve focused on creating a supportive environment rich in training, resources, and services.
This commitment has resulted in one of the lowest turnover rates in the industry. However, the reality of attrition remains a significant aspect of our line of work (i.e. being a sales agent). In this article, I intend to peel back the layers of WHY so many agents are leaving eXp Realty in record numbers.
As an insider at eXp, I believe in the importance of transparency. By sharing my background and biases right from the start, I hope to establish a foundation of trust and openness. This article aims to provide agents with honest, insightful perspectives on both the highs and lows of working with eXp Realty. My aim is to explain to you why agents are leaving eXp Realty in 2024.
Why are Agents Leaving? 9 Reasons
Understanding why agents are leaving eXp Realty requires a multifaceted perspective of the challenges faced in the real estate industry. Here are some of the key reasons.
1. Agents are Going Out of Business and Leaving eXp Realty in 2024
Real estate is fundamentally a sales job that demands high resilience and consistent performance. A significant statistic to consider is that over 87% of agents don’t succeed in the long run. This failure rate can be attributed to various factors, including market conditions, competition, and personal performance.
For instance, in 2023, nearly 50% of agents sold only one or no homes at all. This figure highlights the intense competition and difficulties agents face in sustaining their businesses.
2. Agents Struggle with Technology
Some agents find adapting to eXp’s technological tools and platforms overwhelming. Agents who are more traditional in their approach or less tech-savvy may find this aspect particularly challenging, leading them to seek opportunities that align better with their working style. In other words, these agents need a more tangible working environment.
3. Agents See Better Financial Opportunities Elsewhere
Agents are often on the lookout for brokerages offering more favorable financial terms. If an agent finds a brokerage with a better commission split, that can be a compelling reason to switch.
Remember, transaction shop brokerages in which agents only pay a small fee per transaction do exist. And if 50% of agents only sell 1 or 0 transactions, they may have a hard time justifying a 20% commission split with eXp Realty.
4. Agents Desire To Start Their Own Brokerage
For some, the ultimate career goal is to establish their own brokerage. Agents who have gained enough experience and confidence in their abilities might leave to pursue this personal ambition.
I’ll be candid, that was MY ambition myself before seeing eXp’s model. So I get the appeal of ownership, independence, and the feeling that I could do it better myself.
5. Agents Have Unmet Expectations from Sponsors
A common issue for agents leaving eXp Realty in 2024 is being overpromised by their sponsors regarding the support and training they would get. When these expectations are not met, it leads to dissatisfaction and eventual departure. This underscores the importance of honest and accurate representation by sponsors, and why groups like ours, which focus on robust support and training, are crucial.
6. Agents are Leaving eXp Realty in 2024 for Copycat Competitors
The rise of online brokerages has intensified the competition. These companies often replicate eXp’s model with variations, attracting agents who are looking for something “similar” yet “different.”
Most notably in this space, you’ll find Real Brokerage and LPT. Most of their leaders have some direct or indirect experience with eXp Realty. I have heard from countless agents who have made the move to those brokerages that they left eXp to join those brokerages because they wanted to be “on the ground floor” this time.
7. Agents Feel Like Cultural Misfits
Every brokerage has its unique culture and work environment. Some agents may find that eXp Realty’s culture, which heavily emphasizes technology and virtual interactions, doesn’t align with their personal preferences or work style. Agents who thrive in more traditional face-to-face environments might feel out of place.
8. Agents Disagree with Corporate Decisions
Agents may disagree with certain strategic decisions made by eXp Realty, whether it’s about policy changes, commission structures, or the direction in which the company is heading. Such disagreements can lead to a feeling of disenfranchisement.
9. Agents Face Community Challenges
In a virtual-centric brokerage like eXp, agents who rely heavily on in-person networking might find it difficult to build and maintain relationships. This can be particularly challenging in regions where eXp’s presence is less known.
In the absence of peers, agents do not find a community and tend to feel alone. This reason is HUGE and one of the leading reasons for agents departing eXp.
Takeaway for Agents Leaving eXp Realty 2024
The exodus of agents from eXp Realty in 2024 is a multifaceted issue, reflecting both the challenges of the real estate industry and specific aspects of the company’s model. As someone deeply integrated into the eXp community since 2019, my experiences have afforded me a unique point of view to understand these dynamics.
Factor in the fact that I’ve now helped more than 300 agents join eXp Realty. I get to experience eXp Realty through so many different agent viewpoints!
The real estate landscape is inherently demanding, requiring agents to continuously adapt to technological advancements, market fluctuations, and evolving business models.
eXp Realty, while offering numerous benefits and resources, also presents its own set of challenges that may not align with every agent’s expectations or working style. From the struggle with technology and work-life balance to cultural misfits and disagreements with corporate decisions, these factors collectively contribute to agents’ decisions to leave.
Moreover, the competitive nature of the industry, along with the rise of online brokerage competitors, has further influenced agent turnover. It’s crucial for brokerages like eXp to recognize these challenges and work towards creating an environment that not only attracts but retains talent by addressing these diverse needs.
By understanding the myriad reasons behind agent departures, you can strategically evolve in a supportive environment for real estate professionals, like eXp. The real estate industry is ever-changing, and adapting to these changes is key to sustaining and nurturing a successful agent community and enhancing your career.
If you’d like to be part of a group within eXp that fosters community and resources to enable you to succeed in your career, reach out to learn more about Agent First Group and how we can help you get started and maintain your success in eXp Realty.